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N’Assembly to transmit 2022 budget Thursday – Lawan

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Senate President, Ahmad Lawan
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…Says Senate must remain steadfast in stabilizing polity ahead of 2023
 
President of the Senate, Ahmad Lawan, has said that the National Assembly will on Thursday transmit the 2022 budget passed by both chambers to President Muhammadu Buhari for assent into law.

Lawan gave the hint on Wednesday in his remarks moments before the chamber proceeded on recess.

According to him, the timely assent of the 2022 Appropriations bill into law would ensure the commencement of its implementation by January next year.

He added that businesses operating in the country as well as the economy stand to be impacted positively by the timely passage of the nation’s budget by the National Assembly.
 
He said, “For the 2022 Appropriation bill, we are expecting that the bill will be cleaned up between today and tomorrow, and we hope that by tomorrow, the bill will be sent to Mr. President for his assent.

“[And] we are very optimistic that Mr. President will assent to the bill, like he did for 2020 and 2021, so that by January 2022, the implementation of the budget 2022 will commence by the grace of God.

“We have seen the benefits of passing and assenting to the budget in good time, especially when we had to fight COVID-19.

“The consequence of the implementation of the budget in 2021 and 2020 was very clear. For us to come out of the recession that we found ourselves in the previous period, we must have had the fortune of passing the budget and getting Mr. President to sign in time.

“So, we believe that the economy of Nigeria, and Nigerian businesses especially, will continue to benefit from the passage of the appropriation bills in time and the assent by Mr. President, accordingly.

“We wish to make it clear that our desire is to provide legislations for the peace, order and good government of our country.”

The Senate President further hinted that the chamber would consider the report of the Committee on the Review of the 1999 Constitution as soon as it is presented early next year.

“When we return, we have one major legislation that has not been attended to at all as a chamber, and that is the constitutional amendments.

“Our Committee on the Review of the 1999 Constitution has been doing its work. But as a chamber, we haven’t finished working on it.

“We are expectant that our Committee on the review of the constitution will be presenting the report to this chamber as soon as we resume. The committee has done so much, and the report is almost ready.

“When we harmonize with our colleagues in the House, we should be able to vote on the issues that will particularly bring about peace, unity and good government in our country, before such bill will be sent to the State Houses of Assembly for concurrence.

“On the whole, we must thank Almighty God that almost all those major items we reflected in our legislative agenda as a chamber has been attended to.

“There’s nothing that has been left out, including the review or amendment to our standing orders on how our committees have better and more clearly defined jurisdictions and, of course, how we conduct ourselves here as a chamber.

“And this is because we’ve remained united even in the face of sometimes very difficult issues. We have gone through such difficult moments with dignity and respect for each other, and we have come out even stronger.”

The Senate President reminded his colleagues of the role of the Senate as an institution to stabilize the polity, particularly against the backdrop of issues likely to surface ahead of the 2023 general elections.

“Next year, by the grace of God, will be the last lap of our tenure. So, we have a lot to ensure that we finish all the things that we have penciled down for ourselves and, of course, there are many other issues that from time to time will be coming up in our polity.

“This Senate is supposed to play that role of stabilizing the polity in Nigeria.

“[And] I daresay, that the members of the National Assembly, particularly the Senate, is a stabilizing institution in the polity of Nigeria.”

He underscored the need for the National Assembly to work with the executive arm of government to provide the needed resources, as well as oversight the use of such funds in the fight against insecurity.

“The killings across the country are so bad, and it is not acceptable to us, but we have to work hard because we are part of government and we are also accountable to the people, for not only protecting their lives and property, but to ensure that they have a life that is worth living”, Lawan said.

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Business & Economy

Food Inflation: Beans Now Out Of Reach, Says Rewane

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Beans
Beans
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The Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, says while the prices of other food commodities have recorded a minimal drop in the last few days, market prices of beans have significantly gone up.

Rewane stated this on Channels Television’s Business Morning segment of Sunrise Daily breakfast programme on Thursday.

“We’ve seen onions come down sharply to N115,000, and rice has also come down to N110,000; it was as high as N120,000. The commodity that is surprising to everybody is beans; beans has gone out of storage and out of reach,” he said.

According to market checks by our correspondent, traders sold a paint rubber of beans for N13,000 and a derica of the commodity for N3,000 while a bag of beans goes for as high as N180,000.

The economist attributed the hike in beans’ prices to recent flooding which ravaged food-producing states like Borno, Bauchi, and Sokoto, amongst others.

“Flooding has destroyed a lot of goods,” Rewane said, adding that the costs of moving agricultural produce from farms to the markets have also gone up due to a recent hike in petrol prices — from around N600 to about N1,000 per litre.

The economist predicted that food inflation would increase in the coming weeks but was optimistic that duty waivers on expected imported commodities would moderate prices.

“For now, despite everything, we think that inflation will still increase. Food inflation in particular will increase; headline inflation will increase to 34% but this is only temporary. When the imported commodities that we are going to enjoy the duty waivers come into the country, those prices will start to reduce,” Rewane said.

On October 1, 2024. President Bola Tinubu said his administration is focused on restoring peace to the troubled parts of the North so that farmers displaced by bandits and kidnapping can return to their farmlands and increase food production.

“We expect to see a leap in food production and a downward spiral in food costs. I promise you, we shall not falter on this,” Tinubu said on Tuesday during his 2024 Anniversary Broadcast on the occasion of Nigeria’s 64th Independence Day Anniversary.

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Business & Economy

Tinubu Sends Tax Reform Bills To NASS, Proposes Renaming FIRS To NRS

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President Bola Ahmed Tinubu
President Bola Ahmed Tinubu
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Nigerian President Bola Tinubu on Thursday submitted four executive bills to the National Assembly, targeting comprehensive tax reforms. One of the major proposals is renaming the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service (NRS), which will be responsible for assessing, collecting, and accounting for federal revenues.

In a letter read by Senate President Godswill Akpabio, the bill titled “The Nigeria Revenue Service (Establishment) Bill” aims to repeal the Federal Inland Revenue Service (Establishment) Act of 2007. The other bills include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, and the Joint Revenue Board (Establishment) Bill, all aimed at creating a transparent and efficient fiscal regime.

President Tinubu emphasized that the reforms will enhance taxpayer compliance, strengthen fiscal institutions, and encourage investment, ultimately boosting Nigeria’s economic growth.
The letter, titled “Transmission of Fiscal Policy and Tax Reform Bills to the National Assembly,” also included three other reform bills:

The Nigeria Tax Bill that aims to provide a consolidated fiscal framework for taxation in Nigeria.

The Nigeria Tax Administration Bill that seeks to establish a clear legal framework for fair and efficient tax administration, promoting ease of compliance, reducing disputes, and optimizing revenue collection.

The Joint Revenue Board (Establishment) Bill which proposes the creation of a Joint Revenue Board, Tax Appeal Tribunal, and the Office of the Tax Ombudsman, all intended to harmonize revenue administration and resolve disputes.

President Tinubu reiterated the benefits of the proposed reforms, which aim to improve taxpayer compliance, strengthen fiscal institutions, and create a more transparent fiscal regime.

According to the President, the proposed tax bill presents substantial benefits to a library, government connectives and economic growth by enhancing tax payers compliance strengthening fiscal institutions, and fostering a more effective and transparent fiscal regime.

“I am confident that the bill when passed, will encourage investment, boost consumer spending and stimulate Nigeria’s economic growth”, he stressed.

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Business & Economy

FAAC: FG, States, LGCs Share N1.35trn July Revenue

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FAAC
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Federal Government, States and Local Government Councils – have shared a total sum of N1,358.075 billion as of July 2024 Federation Accounts Revenue.

Of the N1,358.075 billion total distributable revenue, the Federal Government received a total sum of N431.079 billion, and the State Government received a total sum of N473.477 billion.

The Local Government Councils received a total sum of N343.703 billion, and a total sum of N109.816 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.

The N1,358.075 billion total distributable revenue comprised distributable statutory revenue of N161.593 billion, distributable Value Added Tax (VAT) revenue of N582.307 billion and Electronic Money Transfer Levy (EMTL) revenue of N18.818 billion.

Also included in the total distributable revenue was Exchange Difference revenue of N581.710 billion and Solid Mineral revenue of N13.647 billion.

The revenue distribution was announced at the August 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja on Friday, August 16, 2024.

A communique issued by FAAC indicated that total revenue of N2,613.791 billion was available in July 2024. The total deduction for the cost of collection was N99.756 billion, while total transfers, interventions and refunds were N1,155.960 billion.

According to the communique, gross statutory revenue of N1,387.150 billion was received for July 2024. This was lower than the sum of N1,432.667 billion received in June 2024 by N45.517 billion.

Gross revenue of N625.329 billion was available from VAT in July 2024. This was higher than the N562.685 billion available in June 2024 by N62.644 billion.

On the N161.593 billion distributable statutory revenue, the communiqué stated that the Federal Government received N58.545 billion and the State Governments received N29.695 billion.

The Local Government Councils received N22.894 billion, and the sum of N50.459 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.

From the N582.307 billion distributable VAT revenue, the Federal Government received N87.346 billion, the State Governments received N291.154 billion and the Local Government Councils received N203.807 billion

In a statement issued by Bawa Mokwa, the Director of Press and Public Relations in the Office of the Accountant General of the Federation, a total sum of N2.823 billion was received by the Federal Government from the N18.818 billion Electronic Money Transfer Levy (EMTL). The State Governments received N9.409 billion and the Local Government Councils received N6.586 billion.

On the N581.710 billion Exchange Difference revenue, the communique stated that the Federal Government received N276.110 billion and the State Governments received N140.047 billion.

The Local Government Councils received N107.970 billion, while the sum of N57.583 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.

From the N13.647 billion Solid Mineral revenue, the Federal Government received N6.255 billion and the State Governments received N3.172 billion.

The Local Government Councils received N2.446 billion, while the sum of N1.774 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.

As presented in the communiqué, in July 2024, Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import Duty, EMTL and CET Levies increased significantly.

Furthermore, Companies Income Tax (CIT) recorded a decrease while Excise Duties increased only marginally.

The balance in the ECA was $473,754.57

 

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